Demonetisation helped in reducing incremental growth in currency notes by Rs 3 lakh crore: FinMin

The government had banned Rs 1,000 and Rs 500 denomination notes on November 8, 2016, with an aim to check black money, eliminate Fake Indian Currency Notes (FICN), among others. Citing RBI data, the minister further said 7,62,072 counterfeit notes were detected in the banking system during 2016-17, 5,22,783 in 2017-18 and 3,17,389 counterfeit notes in 2018-19. Hence, demonetisation resulted in curbing the counterfeit currency, Sitharaman added. Also, digital transactions have been steadily increasing since last few years, she said. The total number of transactions increased from 2,071 crore in 2017-18 to 3,134 crore in 2018-19, which corresponds to a growth rate of 51 per cent. To another question, Sitharaman said the government has made budgetary provision of Rs 70,000 crore for recapitalisation of public sector banks in 2019-20 and has so far infused Rs 60,314 crore. All public sector banks are above the minimum regulatory capital ratios for common equity tier-1 (CET-1) and tier-1 capital, she said. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The New Indian Expresshttp://wiznotes.com/UserProfile/tabid/84/userId/307941/Default.aspx

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